A Forensic audit is a process to check an organisations compliance with the rules.
A financial statement audit, by contrast, is a type of assurance engagement that tests the accuracy of a company’s financial statements (usually its balance sheet and income statement) for footnote disclosures about risk management and other factors. An independent audit, also called an unassisted audit is one in which the auditors are not hired by management or the board of directors.
(1) Reduces potential losses
(2) Strengthens internal policies.
(3) Avoids legal issues.
(4) Improves company image.
(1) Audit planning and startegy.
(2) Fieldwork collect information and obtain evidence.
(3) Identification of fraud,mastermind,discover ways frauds are concealed
(4) Analysis evalute and assess the impact of evidence.
(5) Allowance of pets
(6) Reporting and documnetation
(7) Fraud preventation measures and exercise professional judgement
(8) Measurement of frauds,and collection of evidence admissible in court.
(1) What is Forensic Audit
(2) What does forensic auditing refer to?
(3) Why is forensic audit necessary?
(4) Who is eligile for forensic audit?
(5) What are the types of forensic audit?